On October 3 in Pueblo, Colorado, Mr. Trump alleged that the early 1990s were the worst years for our economy since the Great Depression, worse than the 1980s and worse than 2008. This of course was in response to criticism leveled at him for losing nearly a billion dollars in the mid-1990s, according to the 1995 tax return sent to, and published by, the New York Times over the weekend.
Unfortunately for Mr. Trump, his comments don’t comport with reality when looking to the Bureau of Labor Statistics data on employment by year. (Side note: It may be worth emphasizing that the early 1990s and the mid-1990s (the years under public scrutiny) were under different presidents and theories of the economy, and that which was more profitable was the Clinton Administration, a point Mr. Trump understandably does not play up).
What we see nevertheless though is that the early 1980s under President Reagan were marked by dramatic job losses, followed by some economic recovery, followed by more losses in the late 1980s and early 1990s, with marked job growth throughout most of the mid-1990s and late 1990s. The reality is that unlike with respect to the 1980s and the 2000s, the numbers are positive for the whole of the Clinton Administration as well as the Obama Administration after 2009. The point here is not to suggest that Clinton’s economic policy was flawless, or to suggest a direct correlation with the policies that we might expect under Hillary Clinton, though some have characterized her as being more progressive than her husband. Nor is the point to denigrate someone swinging and missing in business (no one bats .1000).
Rather, the point is to emphasize that Mr. Trump has proven himself to be quite keen on making bold statements that do not survive fact-checking (indeed, PolitiFact classified 53% of his statements as being False or Pants on Fire), asserting that his failed business ventures are attributable not to his business acumen (or lack thereof) but rather to a failing economy. The reality is that the economy under the Clinton Administration had been in recovery for a couple of years. This was not a bad time to invest (wisely), nor do the numbers of the Obama Administration suggest an economy in need of rescuing.
If Mr. Trump continues to maintain that he intends to run the country as he does his businesses, given the robust economy in which he made these failings, we should be concerned.
Unfortunately for Mr. Trump, his comments don’t comport with reality when looking to the Bureau of Labor Statistics data on employment by year. (Side note: It may be worth emphasizing that the early 1990s and the mid-1990s (the years under public scrutiny) were under different presidents and theories of the economy, and that which was more profitable was the Clinton Administration, a point Mr. Trump understandably does not play up).
What we see nevertheless though is that the early 1980s under President Reagan were marked by dramatic job losses, followed by some economic recovery, followed by more losses in the late 1980s and early 1990s, with marked job growth throughout most of the mid-1990s and late 1990s. The reality is that unlike with respect to the 1980s and the 2000s, the numbers are positive for the whole of the Clinton Administration as well as the Obama Administration after 2009. The point here is not to suggest that Clinton’s economic policy was flawless, or to suggest a direct correlation with the policies that we might expect under Hillary Clinton, though some have characterized her as being more progressive than her husband. Nor is the point to denigrate someone swinging and missing in business (no one bats .1000).
Rather, the point is to emphasize that Mr. Trump has proven himself to be quite keen on making bold statements that do not survive fact-checking (indeed, PolitiFact classified 53% of his statements as being False or Pants on Fire), asserting that his failed business ventures are attributable not to his business acumen (or lack thereof) but rather to a failing economy. The reality is that the economy under the Clinton Administration had been in recovery for a couple of years. This was not a bad time to invest (wisely), nor do the numbers of the Obama Administration suggest an economy in need of rescuing.
If Mr. Trump continues to maintain that he intends to run the country as he does his businesses, given the robust economy in which he made these failings, we should be concerned.
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